Energy Ministry expects Chevron proposals for “Aphrodite” by end-March

08:00 - 12 December 2023

Economy Reporter

Cyprus Ministry of Energy has told major US oil company Chevron, Operator of the “Aphrodite” gas field, that there is a deadline to provide proposals for “optimal” development of the reservoir by 31 March 2024.

In a letter to the Ministry, Chevron has requested an extension of the date for compliance with the milestone for the commencement of the Front-End Engineering and Design (FEED) determined by the Production-Sharing Contract. Press reports suggested that the US company requested a 12-month extension.

However, a press release issued by NewMed Energy (partner in the Aphrodite consortium with 30%) to the Tel Aviv Stock Exchange, said that “on 8 December 2023, the Minister’s response was received in which, inter alia, the Minister authorized the Operator to submit for his approval, by 31 March 2024, a proposal for an optimal development plan, such that if the Minister approves it, the date for compliance with the Milestone will be postponed at the Minister’s discretion.”

Reliable sources told CNA that the Ministry gave Chevon some time to provide its proposals for an update of the 2019 “Aphrodite” development plan and the Ministry will assess whether to provide an extension to the milestone concerning the commencement of FEED.

"Aphrodite" is estimated to hold around 4.5 trillion cubic feet of gas. The consortium includes Chevron (35%, operator) BG Cyprus (35%) and NewMed Energy (with 30%).

(Source: CNA)

Energy Ministry expects Chevron proposals for “Aphrodite” by end-March

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